Weekly Economic and Construction Update – 3 February 2023
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There were 35,612 UK mortgage approvals in December according to the Bank of England, which is 22.9% lower than in November and 50.7% lower than a year ago.
They were also 45.9% lower than the average between 2018 and 2019, pre-pandemic and was anticipated as financial markets chaos, post-Mini Budget (with 40% of mortgage products temporarily pulled) and a sharp rise in mortgage rates, fed through.
Since historically high levels of mortgage approvals in 2020 H2, approvals were on a downward trend until 2021 Q4.
More recently, mortgage approvals have been on a downward trend since the Bank of England started to both raise interest rates and signal further rate rises from December 2021.
Besides this weekly CPA update you can download TDUK February statistics here
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